The Move toward a Cashless Society: A Closer Look at Payment Instrument Economics

Ever since the first general-purpose charge card debuted in the early 1950s, pundits have been predicting the "cashless society." Over fifty years later, we may finally be getting close to that vision. This study is the first to examine empirically the move toward a cashless society using a cost-benefit framework. We find that when all key parties to a transaction are considered and benefits are added, cash and checks are more costly than many earlier studies suggest. In general, the shift toward a cashless society appears to be a beneficial one.

Cellular

Tracks the evolution of the international cellular industry from the late 1970s to the present. The development of the mobile-phone industry into what we know today required remarkable cooperation between companies, governments, and industrial sectors. Companies developing cellular infrastructure, cellular devices, cellular network services, and eventually software and mobile semiconductors had to cooperate, not simply compete, with each other. In this global history of the mobile-phone industry, Daniel D. Garcia-Swartz and Martin Campbell-Kelly examine its development in the United States, Europe, Japan, and several emerging economies, including China and India. They present the evolution of mobile phones from the perspective of vendors of telephone equipment and network operators, users whose lives have been transformed by mobile phones, and governments that have fostered specific mobile-phone standards. Cellular covers the technical aspects of the cellphone, as well as its social and political impact. Beginning with the 1980s, the authors trace the development of closed (proprietary) and open (available to all) cellular standards, the impact of network effects as cellular adoption increased, major technological changes affecting mobile phone hardware, and the role of national governments in shaping the industry. The authors also consider the changing roles that cellular phones have played in the everyday lives of people around the world and the implications 5G technology may have for the future. Finally, they offer statistics on how quickly the cellular industry grew in different regions of the world and how firms competed in those various markets

The Effect of Regulatory Intervention in Two-Sided Markets: An Assessment of Interchange-Fee Capping in Australia

The Reserve Bank of Australia reduced interchange fees by almost half thereby eliminating a significant source of revenue to issuers of credit cards. The purpose of this intervention was to align the prices of using various payment instruments with their social costs and thus reduce the use of cards, which the RBA viewed as a socially less efficient payment method than cash, checks, and PIN debit cards. The short-run result of this regulatory intervention has been the following: (1) Bank issuers have increased the fixed prices for cards and thereby recovered between 30 and 40 percent of the loss of interchange fee revenue; this fraction is likely to increase over time as cards renew and new solicitations go out. Bank issuers have not changed the per-transaction fees for cards much. (2) Merchants experienced a very small reduction in their costs. Both theory and limited empirical evidence suggest that the highly concentrated merchant sector in Australia has captured the reduction in interchange fees as profits and has not passed it on in the form of lower consumer prices. (3) The per-transaction price at the point of sale has not changed significantly. Merchants have not generally availed themselves of their right to surcharge card transactions and the per-transaction price faced by consumers from their card issuers has not changed much. Holding the number of cards fixed, the regulatory intervention has not altered prices in a way that could achieve the intent of the intervention. (4) There is relatively little evidence thus far that the intervention has in fact affected the volume of card transactions in Australia as intended by the regulation. (5) In the short-run, the effect of the regulation has been to transfer significant profits to the Australian merchant sector with that transfer being borne partly by bank issuers and partly by cardholders. (6) Since proprietary systems such as American Express were not subject to the pricing regulations and since American Express can enter into deals with banks to issue cards, banks have shifted volume from the regulated association systems to the unregulated proprietary systems.

Performance of the CMS Cathode Strip Chambers with Cosmic Rays

The Cathode Strip Chambers (CSCs) constitute the primary muon tracking device in the CMS endcaps. Their performance has been evaluated using data taken during a cosmic ray run in fall 2008. Measured noise levels are low, with the number of noisy channels well below 1%. Coordinate resolution was measured for all types of chambers, and fall in the range 47 microns to 243 microns. The efficiencies for local charged track triggers, for hit and for segments reconstruction were measured, and are above 99%. The timing resolution per layer is approximately 5 ns

Search for supersymmetry in events with b-quark jets and missing transverse energy in pp collisions at 7 TeV

Results are presented from a search for physics beyond the standard model based on events with large missing transverse energy, at least three jets, and at least one, two, or three b-quark jets. The study is performed using a sample of proton-proton collision data collected at sqrt(s) = 7 TeV with the CMS detector at the LHC in 2011. The integrated luminosity of the sample is 4.98 inverse femtobarns. The observed number of events is found to be consistent with the standard model expectation, which is evaluated using control samples in the data. The results are used to constrain cross sections for the production of supersymmetric particles decaying to b-quark-enriched final states in the context of simplified model spectra.Comment: Submitted to Physical Review

Lynx Mission Concept Status

Lynx is a concept under study for prioritization in the 2020 Astrophysics Decadal Survey. Providing orders of magnitude increase in sensitivity over Chandra, Lynx will examine the first black holes and their galaxies, map the large-scale structure and galactic halos, and shed new light on the environments of young stars and their planetary systems. In order to meet the Lynx science goals, the telescope consists of a high-angular resolution optical assembly complemented by an instrument suite that may include a High Definition X-ray Imager, X-ray Microcalorimeter and an X-ray Grating Spectrometer. The telescope is integrated onto the spacecraft to form a comprehensive observatory concept. Progress on the formulation of the Lynx telescope and observatory configuration is reported in this paper

Performance and Operation of the CMS Electromagnetic Calorimeter

The operation and general performance of the CMS electromagnetic calorimeter using cosmic-ray muons are described. These muons were recorded after the closure of the CMS detector in late 2008. The calorimeter is made of lead tungstate crystals and the overall status of the 75848 channels corresponding to the barrel and endcap detectors is reported. The stability of crucial operational parameters, such as high voltage, temperature and electronic noise, is summarised and the performance of the light monitoring system is presented

Variation in Childhood Diarrheal Morbidity and Mortality in Africa, 2000-2015.

BACKGROUND: Diarrheal diseases are the third leading cause of disease and death in children younger than 5 years of age in Africa and were responsible for an estimated 30 million cases of severe diarrhea (95% credible interval, 27 million to 33 million) and 330,000 deaths (95% credible interval, 270,000 to 380,000) in 2015. The development of targeted approaches to address this burden has been hampered by a paucity of comprehensive, fine-scale estimates of diarrhea-related disease and death among and within countries. METHODS: We produced annual estimates of the prevalence and incidence of diarrhea and diarrhea-related mortality with high geographic detail (5 km2) across Africa from 2000 through 2015. Estimates were created with the use of Bayesian geostatistical techniques and were calibrated to the results from the Global Burden of Diseases, Injuries, and Risk Factors Study 2016. RESULTS: The results revealed geographic inequality with regard to diarrhea risk in Africa. Of the estimated 330,000 childhood deaths that were attributable to diarrhea in 2015, more than 50% occurred in 55 of the 782 first-level administrative subdivisions (e.g., states). In 2015, mortality rates among first-level administrative subdivisions in Nigeria differed by up to a factor of 6. The case fatality rates were highly varied at the national level across Africa, with the highest values observed in Benin, Lesotho, Mali, Nigeria, and Sierra Leone. CONCLUSIONS: Our findings showed concentrated areas of diarrheal disease and diarrhea-related death in countries that had a consistently high burden as well as in countries that had considerable national-level reductions in diarrhea burden. (Funded by the Bill and Melinda Gates Foundation.)